Manager, Vendor Risk Management; LoD

Job Description

What is the Opportunity?

The Manager Vendor Risk Management 1

LoD role is responsible for vendor risk management routines for RBC Bank Third Party Suppliers and Intra-Group Arrangements (IGAs) throughout the supplier management lifecycle in accordance with the Third Party Risk Management Policy and Standards. This role operates in RBC Bank’s first line of defense and supports Business Unit partners in managing third party risk through supplier onboarding activities, risk assessments, advice and counsel, and regular reporting.

In addition, this role provides timely assessment and support of third party risk through proactive engagement with RBC Bank Business Units, Functional Partners, and Third Party Suppliers. This role provides consultation and support during the Concept and Planning and Contract Negotiation phases, onboarding of new third party suppliers, ensuring completion of artifacts and risk assessment activities. As well as reviews, tracks, and works with RBC Bank Business Units to address Service Level Agreement (SLA) performance;

reviews and processes invoices for payment, etc. This role collaborates with relevant groups in developing and implementing recommendations to improve efficiencies, reduce costs, enhance the client experience, and increase shareholder value.

What will you do?

Third Party Risk Management

• Responsible for third party risk management routines for a portfolio of RBC Bank Third Party Suppliers and Intra-Group Agreements (IGAs) throughout the supplier management lifecycle and ensure compliance to Enterprise Standards
• Facilitate completion of Supplier Risk Management Application (SRMA) records for Third Party Suppliers and IGAs
• Facilitate completion of Service Organization Control (SOC) reviews for Third Party Suppliers and gain approval from business unit partners
• Ensure Third Party Supplier Exit Strategies are documented in system of record, including Winding Down Plan and Repatriation Plan
• Ensure Third Party Suppliers have documented and tested Business Continuity Plans and Disaster Recovery Plans
• Drive awareness to third party risks through participation in third party supplier-led risk forums and other enterprise training and learning opportunities
• In partnership with business unit, act as communication point between Third Party Suppliers, business units, and functional partners to ensure necessary information for cross-functional teams are shared.
• Provide escalation support between Third Party Suppliers, business units, and functional partners through to resolution as needed
• Key referral and expert point of reference to senior management on all matters relating to Third Party Risk Management/IGA due diligence. Understand and respond to implications and impacts of Third Party Supplier/process developments and changes to the business unit and client
• Facilitate discussions between Third Party Supplier, business units, and functional partners to ensure protocols are in place to provide third party suppliers with ongoing production, technology and operations support, ensuring processes, procedures and protocols are up-to-date
• This role will work closely with RBC Bank Finance, RBC Bank Service Recipients, and Service Providers for IGAs to ensure monitoring routines are in place as required

Contract Management

• Partner with business units to manage Third Party Supplier contracts in the portfolio throughout the supplier lifecycle (RFP to termination/renewal)
• Ensure that the contract contains Service Level Agreements (SLAs), Key Performance Indicators (KPIs), regulatory and any other operational elements that will be measured once the contract is implemented
• Provide support and consultation on primary contractual documents (MSA, SOW/Schedule, SLA, etc.)
• Ensure all RBC Bank contracts in the portfolio are uploaded and reflect accurate business unit ownership in the systems of record
• Assist in development of SLAs, KPIs

Performance and Financial Management

• Ensure proper monitoring of SLAs for all assigned Third Party Suppliers based on defined cadence which includes submission and validation of SLA reporting within required time frames, and documents breaches as required
• Provide…